Leader of the Opposition, Hon. Matthew Wale, has announced a bold and transformative policy shift regarding the management of mineral revenue—a topic currently generating widespread national debate.
Under the current legal framework set out in the Mines and Minerals Act, mineral royalties are deposited into a special account managed by the Central Bank of Solomon Islands (CBSI). Payments are then processed following approvals from the Ministry of Finance and Treasury (MoFT), before being transferred to landowners through their nominated bank accounts.
However, Hon. Wale revealed that under his group’s nuance policy, mineral revenue currently directed to Government will instead be channelled into a Sovereign Wealth Fund (SWF) held offshore. This fund is designed to ensure long-term financial sustainability, protect national wealth, and benefit future generations.
“Our nuance policy is that all mineral revenue that goes to Government will not be going to the Government but to a sovereign wealth fund which will be held offshore, so it won’t go anywhere but [be] sustainable for future generations and generate profits,” Wale stated.
He further clarified that dividends from the fund’s investment profits will be repatriated annually to support the national budget, ensuring a consistent and growing contribution over time without depleting the nation’s resource wealth.
This announcement was made during the Opposition Leader and his team of Opposition MPs’ visit to Gold Ridge Mine yesterday.
This policy, if implemented, would mark a significant departure from the existing mineral revenue management system, introducing a more structured, transparent, and future-focused approach.
The announcement is expected to stir further public discussion and draw attention from stakeholders across the political, economic, and resource sectors.
I believe this is something the GNUT can also pick up and implement. Its for the good of Resource owners and the Government.
ENDS///
[Opposition Statement]
